The electric-vehicle maker lost 48 cents a share, less than the 64 cents expected, on revenue of $2.16 billion. It now expects 67,000 to 70,000 deliveries this year. Shares rose about 7% in extended trading.
Rivian gave investors two things on Thursday: a smaller loss than expected and a slightly better delivery forecast. The improvement in its profit outlook came partly from outside the car business.
The company lost 48 cents a share in the third quarter, narrower than the 64-cent loss analysts expected. Revenue was $2.16 billion.
Rivian now expects to deliver 67,000 to 70,000 vehicles this year, having raised the low end of its range. It raised its adjusted earnings before interest, taxes, depreciation and amortization outlook by $100 million at the midpoint, helped by regulatory credits and a receivable for a refund of tariffs paid under the International Emergency Economic Powers Act.
Where the improvement comes from
Regulatory credits, which carmakers sell to rivals that need them to meet emissions rules, and tariff refunds are real cash, but neither comes from selling more vehicles at better margins. Rivian is not alone in booking tariff refunds this season: Crocs included a $64 million benefit from tariff refunds in its third-quarter GAAP earnings.
The reaction
Rivian shares closed at $11.45 on Thursday and rose 7.4% to about $12.30 in extended trading.
Progress or help?
The progress view: the loss was smaller than expected, the delivery floor moved up, and the profit outlook improved.
The help view: part of the improvement came from credits and a one-time tariff refund rather than vehicle economics, and the delivery change was at the low end of the range only.
What to watch
Fourth-quarter deliveries against the 67,000 to 70,000 range, gross profit per vehicle, the timing of the tariff refund, and the company's 2027 production plans.